Circular No. 08/2013/TT-NHNN dated March 25, 2013 of the State Bank of Vietnam stipulating maximum interest rates applicable to Vietnam dong deposits of organizations and individuals at credit institutions or foreign bank branches

DEPOSIT INTEREST RATE IS DECREASED TO 7,5%

This is the content of the Circular No. 08/2013/TT-NHNN dated March 25, 2013 of the State Bank of Vietnam promulgating deposit’s maximum interest rate in Vietnam dong of organizations, individuals in credit institutions and foreign bank’s branches.

Accordingly, the credit institution and foreign bank’s branches shall impose deposit’s interest rates in VND of organizations (excluding credit institutions and foreign bank’s branches) and individuals, including the expenditure on promotion in all form shall impose the maximum interest rate of deposits with term one month and less than 12 months is 7.5% per annum (8% per annum in previous regulations); People's Credit Funds and Microfinance Organizations may fix the maximum interest rate applicable to deposits with term one month and less than 12 months to be of 8% per annum (8.5% per annum in previous regulations).

Besides, this Decree also remains the maximum interest rate of demand deposits and deposits with term of less than one month is 2% per annum. Credit institutions and foreign bank’s branches shall fix the interest rates of the deposits with terms of 12 months or more on the basis of market capital demand and supply.